Describe elements of generally accepted auditing standards

Assignment Help Auditing
Reference no: EM131473067

Assignment

Generally Accepted Auditing Standards Paper

Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following:

· Describe the elements of the Generally Accepted Auditing Standards (GAAS).

· Describe how these standards apply to financial, operational, and compliance audits.

· Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies.

· Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.

Reference no: EM131473067

Questions Cloud

Gain at the expense of the shareholders : Will the bondholders enjoy a gain at the expense of the shareholders if the security is called for redemption? Why or why not.
Review the case study of facts rural telephone service : FACTS Rural Telephone Service published a standard telephone directory, with "white pages" listing Rural's subscribers in alphabetical order, and "yellow pages"
Examples of preparing an integrated marketing plan : Explain and provide examples of preparing an Integrated Marketing Plan and Program,
Holtzman clothiers stock currently sells : Holtzman Clothiers' stock currently sells for $36 a share. It just paid a dividend of $3.5 a share (i.e., D0 = $3.5).
Describe elements of generally accepted auditing standards : Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
What will be the new price of the bonds : There are 15 years to maturity. With 10 years to maturity, if yield to maturity goes down substantially to 8 percent, what will be the new price of the bonds?
Small manufacturer of electronic research equipment : Howard Electronics, a small manufacturer of electronic research equipment, has approximately 7000 items in its inventory.
What must an auditor do to support assessing control risk : What must an auditor do to support assessing control risk at less than maximum level when auditor has determined that controls have been placed in operation?
Prepare a cash budget for the quarter starting july : Prepare a cash budget for the quarter starting July 20X6 using the information in Exhibit 6. Calculate break-even point in sales dollars based on 20X7 sales mix

Reviews

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd